What are Note Servicing Companies?
Note Servicing Companies that will collects payments from the note payors on behalf of the note holder. It is a really good idea to use a note servicing company as doing it yourself can be very frustrating and if you are not aware of all the rules and regulations regarding note servicing you can break the law and not even know it.
How to Choose a Mortgage Note Servicing Company
There are now many options when choosing a note servicing company for your promissory notes. Whether you have 1 note or 1000 notes finding a good company to service your promissory notes is a wise decision.
Note Servicing Companies for your Mortgage Notes
Here are a list of some of the more prominent note serving companies.
1) Evergreen Note Servicing
2) Note Servicing Center
3) Del Toro Loan Servicing
4) Moat Note Servicing
Mortgage Note Servicing Companies Frequently Asked Questions
Do I need to use a note serving company in the state where the note is located.
No you are free to use a note servicing company that is located in any state to service your note in any other state.
How much do note servicing companies charge to service notes
This is somewhat dependent on the note and situation but most note servicing companies charge 15 - 50 dollars per note
Do Mortgage Note Servicing Companies Report to Credit Agencies
Most do not, but if you ask around there are few that will upon request for an extra fee.
Can Note Serving Companies take Payments online
Most modern note servicing companies will process payments online and for many of them it is the only way they will take payments.
Is there a setup for fee for note servicing
Yes all the note servicing companies we have dealt with charge a setup fee, normally in the $100 - $250 range.